News Release

Government Committed to Investing KRW 746.4 Billion in Space Development Projects in 2016

Department
Administrator

Registration Date2016-02-26

Hits1980

□ The Ministry of Science, ITS and Future Planning (MSIP) announced its joint hosting of the 23rd Space Development Promotion Working Committee* meeting with twelve other government agencies on February 26.
ㅇ The meeting finalized the 2016 Action Plan for Space Development, 2016 Action Plan for Space Risk Management, 2016 Action Plan Space Technology Commercialization Strategy, and 2016 Action Plan for the Utilization of Satellite Information.
* The joint private-public sector committee was chaired by the Vice-Minister of Science, ITS and Future Planning under the National Space Committee, according to the provisions of Article 6 of the Space Development Promotion Act.

□ As space technology and the related industry have been recognized as the new growth momentum for the national economy, the government finalized the space technology development plan, including the investment of KRW 746.4 billion, which represents an increase of 19.5% over the previous year.
ㅇ The government aims to secure the launch capability to autonomously implement space development, develop a satellite to cope with demand, and launch a lunar exploration program to secure future regions of space activity.
ㅇ Moreover, it will build a space object tracking and monitoring system and secure the technologies needed to prepare for the risk of collisions in space and falling debris.
ㅇ There are also plan to promotes the commercialization of space technologies by laying the foundations for new industry creation through R&D linked with other areas, such as satellite data and big data; to promote the export of space products by establishing a regional strategy for entry into global markets; expand the involvement of the private sector in national space programs; and strength the available support for venture enterprises.

□ “The development of space technology has become much more than just a showcase of national power and technological prowess, and will become an actual growth engine of the national economy in the near future. As such, the government is continuously expanding its investment in space development despite the difficult economic situation, and urges everyone to implement the policies and projects after thorough planning and review,” declared Vice-Minister of Science, ICT and Future Planning Hong Nam-gi.